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Quarterly Results

 

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Statement of Standalone Unaudited Financial Results for the Quarter and Six Months ended 30th September, 2018

(Rs. in Crores)
Particulars   3 Months
 ended
30.09.2018
Corresponding
3 Months
 ended
30.09.2017
Preceding
3 Months 
ended
30.06.2018
6 Months
ended
30.09.2018
6 Months
ended
30.09.2017
Twelve
Months
ended
31.03.2018
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 
Gross Revenue from sale of products and services (i) 11094.89 9676.20 10722.22 21817.11 23398.41 43956.90
Other operating revenue (ii) 177.62 87.72 152.37 329.99 165.93 372.87
REVENUE FROM OPERATIONS[(i)+(ii)] 1 11272.51 9763.92 10874.59 22147.10 23564.34 44329.77
OTHER INCOME 2 504.12 494.21 403.85 907.97 970.98 2129.84
TOTAL INCOME (1+2) 3 11776.63 10258.13 11278.44 23055.07 24535.32 46459.61
EXPENSES              
a) Cost of materials consumed   3381.90 2858.00 3052.92 6434.82 5752.90 11756.21
b) Purchases of stock-in-trade   876.09 558.82 1254.38 2130.47 1549.71 2991.98
c) Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates   21.68 939.55 (197.92) (176.24) 889.76 1041.85
d) Excise duty   203.66 (550.21) 167.56 371.22 3295.55 3702.23
e) Employee benefits expense   596.31 606.54 742.97 1339.28 1281.17 2487.46
f) Finance costs   13.50 29.01 7.34 20.84 39.39 86.65
g) Depreciation and amortization expense   327.47 282.42 298.69 626.16 550.63 1145.37
h) Other expenses    1986.90 1589.71 1652.56 3639.46 3287.34 6809.06
TOTAL EXPENSES 4 7407.51 6313.84 6978.50 14386.01 16646.45 30020.81
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (3-4) 5 4369.12 3944.29 4299.94 8669.06 7888.87 16438.80
EXCEPTIONAL ITEMS 6 - - - - - 412.90
PROFIT BEFORE TAX  (5+6) 7 4369.12 3944.29 4299.94 8669.06 7888.87 16851.70
TAX EXPENSE 8 1414.45 1304.45 1481.26 2895.71 2688.53 5628.45
a) Current Tax   1340.09 1320.39 1397.52 2737.61 2694.41 5599.83
b) Deferred Tax   74.36 (15.94) 83.74 158.10 (5.88) 28.62
PROFIT FOR THE PERIOD (7-8) 9 2954.67 2639.84 2818.68 5773.35 5200.34 11223.25
OTHER COMPREHENSIVE INCOME 10 (200.12) (29.04) 78.42 (121.70) 127.78 382.34
A (i) Items that will not be reclassified to profit or loss   (173.28) (26.07) 96.04 (77.24) 138.05 426.22
(ii) Income tax relating to items that will not be reclassified to profit or loss   (8.52) 1.14 (1.81) (10.33) (0.69) (31.61)
B (i) Items that will be reclassified to profit or loss   (28.17) (6.29) (24.30) (52.47) (14.64) (18.69)
(ii) Income tax relating to items that will be reclassified to profit or loss   9.85 2.18 8.49 18.34 5.06 6.42
TOTAL COMPREHENSIVE INCOME (9+10) 11 2754.55 2610.80 2897.10 5651.65 5328.12 11605.59
PAID UP EQUITY SHARE CAPITAL 12 1224.19 1218.36 1220.74 1224.19 1218.36 1220.43
(Ordinary Shares of Re.1/- each)              
RESERVES EXCLUDING REVALUATION RESERVES 13           50179.64
EARNINGS PER SHARE (of Re.1/- each) (not annualised): 14            
(a) Basic (Rs.)   2.42 2.17 2.31 4.73 4.28 9.22
(b) Diluted  (Rs.)   2.40 2.15 2.29 4.69 4.24 9.16

Notes :

1 The Unaudited Standalone Financial Results, Segment Results and Balance Sheet were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 26th October, 2018.
2 Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July 2017, Central Excise [other than National Calamity Contingent Duty (NCCD) on cigarettes], Value Added Tax (VAT) etc. have been replaced by GST. In accordance with Indian Accounting Standards and Schedule III of the Companies Act, 2013, GST, GST Compensation Cess, VAT, etc. are excluded and NCCD is not excluded from Gross Revenue from sale of products and services for applicable periods. In view of the aforesaid restructuring of indirect taxes, Gross Revenue from sale of products and services and Excise duty for the six months ended 30th September, 2018 are not comparable with the previous period.

On a comparable basis, Gross Sales Value^ (net of rebates and discounts) for the six months ended 30th September, 2018 and 30th September, 2017 are Rs.36615.82 Crores and Rs.32402.24 Crores respectively.

^Gross Sales Value includes GST, GST Compensation Cess, Service Tax, VAT, Luxury Tax etc., as applicable
3 The launch and rollout costs of the Company's brands 'Fiama', 'Vivel', 'Superia', 'Engage', 'Savlon' and 'Shower to Shower' covering the range of personal care products of soaps, face washes, shower gels, skin care, deodorants, handwash and ayurvedic talc, and the continuing significant brand building costs of the Foods businesses are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.
4 During the quarter ended 30th September, 2018, 3,45,02,440 Ordinary Shares of Re.1/- each were issued and allotted under the Company’s Employee Stock Option Schemes (ESOS). Consequently, the issued and paid-up Share Capital of the Company as on 30th September, 2018 stands increased to Rs.1224,19,14,761.
5 This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Limited Review
The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six months ended 30th September, 2018 which needs to be explained.

 

(Rs. in Crores)
Balance Sheet STANDALONE
Particulars As at
current half year end
30.09.2018
As at
previous year end
31.03.2018
(Unaudited) (Audited)
A ASSETS    
1 NON-CURRENT ASSETS    
  (a) Property, Plant and Equipment 17300.11 15120.00
  (b) Capital work-in-progress 3521.98 5016.85
  (c) Intangible assets 545.08 445.99
  (d) Intangible assets under development 13.14 8.73
  (e) Financial Assets    
    (i) Investments 11889.98 13493.77
(ii) Loans 7.99 7.40
(iii) Others 88.13 1741.28
  (f) Income Tax Assets (Net) - 18.66
  (g) Other non-current assets 1857.52 2025.63
  Non-Current Assets 35223.93 37878.31
2 CURRENT ASSETS    
  (a) Inventories 7934.08 7237.15
  (b) Financial Assets    
    (i) Investments 11852.49 9903.45
(ii) Trade receivables 3103.52 2357.01
(iii) Cash and cash equivalents 66.54 96.03
(iv) Other Bank Balances 2268.57 2498.85
(v) Loans 4.27 4.15
(vi) Others 1375.88 1147.95
  (c) Other current assets 823.39 1258.41
  Current Assets 27428.74 24503.00
  TOTAL ASSETS 62652.67 62381.31
B EQUITY AND LIABILITIES    
  EQUITY    
  (a) Equity Share capital 1224.19 1220.43
  (b) Other Equity 49125.43 50179.64
  Equity 50349.62 51400.07
  LIABILITIES    
1 NON-CURRENT LIABILITIES    
  (a) Financial Liabilities    
    (i)  Borrowings 11.13 11.13
(ii) Other financial liabilities 14.48 35.36
  (b) Provisions 125.87 121.91
  (c) Deferred tax liabilities (Net) 2061.97 1917.94
  (d) Other non-current liabilities 38.44 38.30
  Non-Current Liabilities 2251.89 2124.64
2 CURRENT LIABILITIES    
  (a) Financial Liabilities    
    (i)  Borrowings 93.06 -
(ii) Trade payables    
Total outstanding dues of micro enterprises and small enterprises 43.79 29.43
Total outstanding dues of creditors other than micro enterprises and small enterprises 3537.51 3352.85
(iii) Other financial liabilities 932.01 778.30
  (b) Other current liabilities 4612.99 4656.78
  (c) Provisions 24.45 39.24
  (d) Current Tax Liabilities (Net) 807.35 -
  Current Liabilities 10051.16 8856.60
  TOTAL EQUITY AND LIABILITIES 62652.67 62381.31

 

Unaudited Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter and Six Months ended 30th September, 2018

(Rs. in Crores)
Particulars STANDALONE
3 Months
ended
30.09.2018
Corresponding
3 Months
ended
30.09.2017
Preceding
3 Months
ended
30.06.2018
6 Months
ended
30.09.2018
6 Months
ended
30.09.2017
Twelve Months
ended
31.03.2018
  (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1. Segment Revenue          
  a) FMCG - Cigarettes 5026.06 4554.21 5127.59 10153.65 13328.37 22894.01
  - Others 3160.35 2804.11 2870.03 6030.38 5405.00 11328.60
  Total FMCG 8186.41 7358.32 7997.62 16184.03 18733.37 34222.61
  b) Hotels 362.55 300.18 341.28 703.83 605.07 1417.51
  c) Agri Business 2219.73 1967.98 3151.27 5371.00 4728.50 8067.67
  d) Paperboards, Paper & Packaging 1424.46 1309.41 1355.83 2780.29 2669.23 5249.64
  Total 12193.15 10935.89 12846.00 25039.15 26736.17 48957.43
  Less :  Inter-segment revenue 1098.26 1259.69 2123.78 3222.04 3337.76 5000.53
  Gross Revenue from sale of products and services @ 11094.89 9676.20 10722.22 21817.11 23398.41 43956.90
2. Segment Results          
  a) FMCG - Cigarettes 3579.07 3291.67 3558.39 7137.46 6565.81 13340.82
  - Others [Note (i)] 58.45 20.49 50.12 108.57 25.92 164.12
  Total FMCG 3637.52 3312.16 3608.51 7246.03 6591.73 13504.94
  b) Hotels 15.56 4.24 13.22 28.78 9.55 139.79
  c) Agri Business 236.07 256.20 194.51 430.58 491.31 848.62
  d) Paperboards, Paper & Packaging 310.91 274.19 295.66 606.57 531.48 1042.16
  Total 4200.06 3846.79 4111.90 8311.96 7624.07 15535.51
  Less : i) Finance Costs 13.50 29.01 7.34 20.84 39.39 86.65
ii) Other un-allocable (income) net of un-allocable expenditure [Note (ii)] (182.56) (126.51) (195.38) (377.94) (304.19) (989.94)
iii) Exceptional items - - - - - (412.90)
  Profit Before Tax 4369.12 3944.29 4299.94 8669.06 7888.87 16851.70
3. Segment Assets            
  a) FMCG - Cigarettes 8255.27 8389.61 7921.69 8255.27 8389.61 7956.89
  - Others 8488.58 7744.46 8617.93 8488.58 7744.46 7623.20
  Total FMCG 16743.85 16134.07 16539.62 16743.85 16134.07 15580.09
  b) Hotels [Note (iii)] 5793.13 5356.60 5693.28 5793.13 5356.60 5520.54
  c) Agri Business 3322.49 2929.88 3491.69 3322.49 2929.88 3407.41
  d) Paperboards, Paper & Packaging 6979.35 6774.68 6861.90 6979.35 6774.68 6739.83
  Total 32838.82 31195.23 32586.49 32838.82 31195.23 31247.87
  Unallocated Corporate Assets 29813.85 25898.12 34371.89 29813.85 25898.12 31133.44
  Total Assets 62652.67 57093.35 66958.38 62652.67 57093.35 62381.31
4. Segment Liabilities            
  a) FMCG - Cigarettes* 4408.37 4416.35 4710.36 4408.37 4416.35 4624.83
  - Others 2100.21 1749.29 1906.46 2100.21 1749.29 1906.52
  Total FMCG 6508.58 6165.64 6616.82 6508.58 6165.64 6531.35
  b) Hotels 600.31 479.61 601.18 600.31 479.61 521.45
  c) Agri Business 949.21 1198.51 930.69 949.21 1198.51 900.18
  d) Paperboards, Paper & Packaging 871.52 749.53 764.87 871.52 749.53 787.13
  Total 8929.62 8593.29 8913.56 8929.62 8593.29 8740.11
  Unallocated Corporate Liabilities 3373.43 3925.49 3599.35 3373.43 3925.49 2241.13
  Total Liabilities 12303.05 12518.78 12512.91 12303.05 12518.78 10981.24

@ Refer Note 2 to the Statement of Standalone Financial Results.

* Segment Liabilities of FMCG-Cigarettes is before considering Rs. 122.02 Crores (30.09.2017 - Rs. 638.09 Crores; 30.06.2018 - Rs. 121.29 Crores and 31.03.2018 - Rs. 233.02 Crores) in respect of certain disputed taxes. These have been included under 'Unallocated Corporate Liabilities'.

Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA), for the quarter and six months ended 30.09.2018 is Rs. 158.84 Crores and Rs. 286.60 Crores respectively (quarter ended 30.09.2017 - Rs. 89.77 Crores; quarter ended 30.06.2018 - Rs. 127.76 Crores; six months ended 30.09.2017 - Rs. 158.57 Crores and twelve months ended 31.03.2018 - Rs. 455.58 Crores).

(ii): As stock options are granted under ITC ESOS to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the option value of ITC ESOS do not form part of the segment performance reviewed by the Corporate Management Committee.

(iii): Consequent to the judgement and order dated 19th March, 2018 of the Hon'ble Supreme Court of India, the Company has on 19th September, 2018 taken the possession of Park Hyatt Goa Resort & Spa. The hotel has since commenced commercial operations from 15th October, 2018 as ITC Grand Goa, Resort & Spa.

Notes :

(1)

The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker.

(2) The business groups comprise the following :

 

FMCG : Cigarettes - Cigarettes, Cigars etc.
  

 

: Others - Branded Packaged Foods Businesses (Staples; Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.

 

Hotels - Hoteliering.

 

Paperboards, Paper & Packaging - Paperboards, Paper including Specialty Paper & Packaging including Flexibles.

 

Agri Business - Agri commodities such as soya, spices, coffee and leaf tobacco.
(3) Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.
   
Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India

Dated : 26th October, 2018
Place : Gurugram, India

For and on behalf of the Board



Director & Chief Financial Officer Managing Director Chairman

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